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This is Bob Larson with the Market Line Report for Thursday, August 3rd. Grain prices bouncing around with wheat a little lower. From the floor of the CME in Chicago, here’s Virginia McGathey ...

McGathey ... “But, that U.S. dollar index has been trending lower for the past number of weeks and that’s offering some support in the market. You know, the market really rallied up and it was difficult to hold off there so there was some liquidation, the market was moving lower and it certainly, long-term, has a very bearish view right now. So, we’re looking very closely at the world supplies, are still pretty plentiful. But, when the numbers come in at the end of the summer, I think it’s going to tell us really what direction wheat is going to go. Maybe it got a little bit over-bought from a little bit of nervousness, but we’re in early August so the heat still remains ahead of us and there could be other issues so we’re watching that closely.”

Portland prices for soft white wheat of Ordinary Protein for September ended the day dn ½ ranging from 5-05 ¾ to 5-30 Hard Red Winter wheat with 11 ½ % protein, prices for September were dn ¾ ranging from 5-39 ½ to 5-69 ½ DNS wheat with 14 % protein, prices for September were up 4 ¼ ranging from 7-97 ¼ to 8-47 ¼

Live Cattle for September were up $1.80 at 114.95 Sept Feeder cattle were up $1.15 at 150.70 Sept Class III milk was dn $.27 cents at 16-46.